432 Park Sells 3 Condos At Steep Discount In $91M Package Deal
With all of its debt paid off, 432 Park's owners appear content with selling off its remaining condos at deep discounts.
A buyer from China under the name 432 Park Joy LLC is under contract to buy three units at the tallest residential tower in the world for a total of $91M, The Real Deal reports. Developers Macklowe Properties and CIM Group had listed units 92, 92B and 93B for a total of $120M.
Though 432 Park is in a strong financial position, the $30M difference between the asking and sale price is reflective of the softening ultra-luxury condo market in 2017 Manhattan. Even with its discounts, 432 Park remained the second-most expensive condo building in the city behind 15 Central Park West this year per square footage.
The condos' high placement within the tower means that the average price will not be taking a hit after this sale. The price of units 92, 92B and 93B averaged to $7,651/SF, considerably less than the $8,190/SF paid for an 86th-floor unit in July. The top penthouse at 432 Park sold for $10,623/SF in 2016.
Douglas Elliman, which is marketing the property for Macklowe and CIM, had said in May that the owners would be happy to get $450M for the Billionaire's Row tower's remaining stock — valued at $600M — when it was 80% sold at the time.
